Common use of Rights of Beneficiary Clause in Contracts

Rights of Beneficiary. Subject to the provisions of Section 3.03 below, Beneficiary shall have the right, power and authority (but not the obligation) to: (a) notify any person that the Leases have been assigned to Beneficiary and that all Rents are to be paid directly to Beneficiary, whether or not Beneficiary has commenced or completed foreclosure or taken possession of the Property; (b) settle, compromise, release, extend the time of payment of, and make allowances, adjustments and discounts of any Rents or other obligations under the Leases; (c) enforce payment of Rents and other rights under the Leases, prosecute any action or proceeding, and defend against any claim with respect to Rents and Leases; (d) without regard to the adequacy of Beneficiary's security, enter upon but not take possession of the Property, or take possession of and operate the Property; (e) lease all or any part of the Property; and/or (f) perform any and all obligations of Trustor under the Leases and exercise any and all rights of Trustor therein contained to the full extent of Trustor's rights and obligations thereunder, with or without the bringing of any action or the appointment of a receiver, and any other rights and remedies under any applicable Nevada laws; provided, however, that the acceptance by Beneficiary of this Deed of Trust, with all of the rights, power, privileges, and authority created, will not, prior to entry on and taking of possession of the Property by Beneficiary, be deemed or construed to make Beneficiary a mortgagee-in-possession, nor in any event obligate Beneficiary to appear in or defend any action or proceeding relating to the Leases. Trustor shall deliver a copy of this Deed of Trust to each Tenant under a Lease and to each manager and managing agent or operator of the Property. Trustor irrevocably directs any Tenant, manager, managing agent, or operator of the Property, without any requirement for notice to or consent by Trustor, to comply with all demands of Beneficiary under this Deed of Trust and to turn over to Beneficiary on demand all Rents which it receives.